By Robert Guest, Deputy Editor, The Economist

Vstrangers everywhere are fed up. In every major country that held elections in 2024, the ruling party lost seats. The complaints varied, but two stood out. One was high prices (partly a consequence of pandemic-era largesse). The other was migration, which increased after the easing of Covid-19 border controls. The feeling that governments had lost control in both areas prompted voters to punish them in America, Britain and France in 2024, and accelerated the collapse of Germany’s ruling coalition. In 2025, some leaders will attempt to reduce economic and cultural turbulence for citizens by excluding foreigners. The most spectacular experience will take place in the United States. How this plays out will have global consequences.